Connect with us
SIS

Balkans

Bulgaria’s Financial Authority to Monitor Cryptocurrency Market

George Miller

Published

on

Bulgaria's Financial Authority to Monitor Cryptocurrency Market
Reading Time: < 1 minute

Bulgaria’s Financial Supervision Commission (FSC) will start monitoring and analyzing the cryptocurrency market and Initial Coin Offerings (ICOs) launched in the country in an effort to come up with measures against money laundering and fraud via virtual currencies, the regulator has revealed.

The commission will focus on four main areas of action

The FSC published about “Financial Tech Monitoring Strategy in the Non-Banking Financial Sector for 2018/2020,” whereby it will majorly concentrate on four key areas of action, which includes: cyber-security risk management; analysis of the need for a regulatory framework in relation to outsourcing services; creation of innovation hubs; and setting requirements for possible licensing or registration of companies offering financially innovative products.

“The challenge for the non-banking financial sector is to balance the benefits of the introduction of cutting-edge technology and preserve financial stability and safety for consumers and investors in the sector,” the FSC strategy reads.

According to data from the European Securities and Markets Authority (ESMA), investments in the fintech sector from January to September of 2016 reached US$19 billion globally, which is 5 times more than in 2013. However, Bulgarian regulators are still lagging behind in creating rules and preventing crimes in the field of crypto currencies.

It is worth mentioning that, Bulgarian government is the 2nd richest bitcoin owner in the globe. Recently, the police operations in the country seized 213,519 bitcoins of suspected criminals.

 

Source: fsc.bg

 

Balkans

Bulgarian Gambling Regulator Suspends Eurofootball Licence

Niji Narayan

Published

on

Bulgarian Gambling Regulator Suspends Eurofootball Licence
Reading Time: < 1 minute

 

The Bulgarian State Commission on Gambling has suspended the licence of bookmaker Eurofootball for three months over unpaid taxes.

The commission said that Eurofootball could resume betting activities if it pays 329 million levs ($182.11 million) to the state within three months.

Eurofootball was founded in 1990 and became hugely successful with more than 800 betting shops operating around the country.

The Bulgarian government has been unable to formulate a proper law governing sports betting for some time now. Eurofootball has been the sole bookmaker in the country for many years.

Continue Reading

Balkans

Kambi Temporarily Suspends Contract with Bulgaria’s National Lottery

Niji Narayan

Published

on

Kambi Group plc temporarily suspends contract with National Lottery AD of Bulgaria
Reading Time: < 1 minute

 

Kambi Group, the Malta-based gaming solutions provider, has suspended temporarily its sports betting service to Bulgaria’s troubled National Lottery AD. The group left with no choice as the Bulgarian operator voluntarily returned its operating licence to the local gaming regulator.

Kambi sent a formal notice to National Lottery AD, informing it of the provision to place bets restricted with immediate effect. National Lottery AD had been using the Kambi Sportsbook for its 7777.bg gaming brand for close to three years.

This is a direct result of the ongoing crackdown on private lotteries in Bulgaria. Following the crackdown, National Lottery’s boss, Bulgarian businessman Vasil Bozhkov, is now facing multiple charges.

It has been claimed that Bozhkov and his lottery operation had not paid proper taxes for years for conducting its activities in Bulgaria.

Bozhkov left his country shortly before he was slapped with a number of charges, ranging from leading an organised crime group, extortion, coercion and attempted bribery. He is also probed for murder and rape.

In February, Bulgaria’s Chief Prosecutor Ivan Geshev declared that Bozhkov had been detained in the United Arab Emirates and that his office was preparing a request for his extradition.

Continue Reading

Balkans

Serbia Plans to Raise Online Gambling Taxes

Niji Narayan

Published

on

Serbia Plans to Raise Online Gambling Taxes
Reading Time: < 1 minute

 

The lawmakers in Serbia are pushing a bill that would set higher online gambling taxes.

Serbia currently taxes online gaming at 5% of GGR but the new bill would increase this to 15% for online betting and 10% for other games.

The bill would also allow for up to 10 licenses to be awarded in addition to the two licences that are already active.

The new bill also includes additional responsible gaming requirements that operators must meet, including messages in all adverts reminding minors not to gamble. In addition to this, an electronic surveillance system would be implemented to detect illegal websites.

“We are witnessing breaches of the rules,” lawmaker Danica Bukvic said.

“The fact is that children are betting and giving money to adults to pay for them to bet. Strict controls are necessary to prevent all this,” she added.

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.